Affinity Instant

Our Affinity Instant account allows you to save whilst also financially benefiting an organisation you support – the Affinity Partner*.

Each year, Monmouthshire Building Society will make a donation to the Affinity Partner, equivalent to 1% per annum of the daily balance held in your account. The more you save, the more your organisation will receive.

You can apply to open this account online, by post, or at any of our branch and agency offices.

A list of our current Affinity Partners can be found under helpful links on the right side of the page.

This account can only be opened by new customers who live within the following postcode areas: NP, CF, SA, LD, WR, GL, HR, BS, BA, SN, RG, OX, SY and TA. Existing Society customers may open this account.

Summary Box - Key Product Information

Account Name

Affinity Instant

What is the interest rate?

0.50% AER/Gross.

In addition to the interest paid to you, the organisation you support (Affinity Partner) will also receive the equivalent of 1.00% interest (fixed) of the balance on your account.

Interest is calculated on a daily basis and payable at the end of each year (31 March).

Can Monmouthshire Building Society change the interest rate?

Yes - the interest rate is variable, which means the interest rate can go up or down.

The 1.00% donation to the affinity partner is fixed and will not vary.

If we increase the interest rate, we will display this information in our branch/agency offices and on our website.

If we decrease the interest rate and you have a balance of £100 or more we will notify you by sending you a letter, email or other personal notice 14 days in advance of the change.

In line with our General Terms & Conditions for Savings Accounts (6.12-6.20) we may change interest rates at any time if we reasonably believe the change is needed.

What would the estimated balance be after 12 months based on £1,000 deposit?

£1,005.00.

We have worked this out assuming a £1,000 deposit is made and no further deposits or withdrawals are made during a 12 month period.

How do I open and manage my account?

You can open and manage your account at any branch or agency office, by post or online (if registered with our 'My Accounts' service).

The minimum amount required to open an account is £100 (£10 if under 18).

The maximum account balance is £500,000.

Additional deposits can be made as often as you like up to the maximum amount, whilst the product is on sale.

Can I withdraw money?

Withdrawals can be made without loss of interest.

Up to 150 withdrawals are allowed during the year (ending 31 March).

More than 150 withdrawals will result in closure of the account.

A minimum balance of £100 (£10 if under 18) must be maintained.

Additional Product Information

You can add to your savings at any time by cash, cheque or standing order.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.

The gross rate is the contractual rate of interest payable before the deduction of tax.

*Please note that the Affinity Partners are offered through a pre existing agreement with the Society. Customers cannot nominate their own organisation to support.

Opening and Managing Your Account

You can apply online or simply complete an application form and take or post it to your nearest branch or agency office. If you wish to open an account by post, you need to send us a personal cheque drawn on your personal account, made payable to the applicant(s) name.

When you apply to open an account with us, we'll ask you for proof of your name and address, and an electronic check of your identity will be undertaken. This is required by law to verify the true identity of all new and existing customers. For full details please refer to our Proving Your Identity leaflet. Identity checks are an important part in the fight against terrorism and other criminal activities.

Customers can now enjoy the convenience of managing their account(s) online using our 'My Accounts' service. For more information please click here.

Making a Deposit

Our General Terms and Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds. Adding to the account is easy because you can save by cash, cheque or standing order.

Cash or Cheque

Funds can be added by calling in to any of our branch or agency offices with your passbook and deposit.

Standing Order/Electronic Payment

You can save through a standing order from your bank account.

To arrange a standing order or other one-off electronic payment, you’ll need to give your bank the following details:

Account Name: Monmouthshire Building Society

Sort Code: 40-05-30

Account Number: 14576608

Reference: XXXXXXXXXX (no spaces or hyphens - this is the Monmouthshire Building Society account number you wish to credit).

Making a Withdrawal

Withdrawals can be made without notice or loss of interest.

As this is a savings account (and not a bank current account) you are only allowed up to 150 withdrawals during each year (ending 31 March).

If you make more than 150 withdrawals we will give you two months’ written notice following which we will close the account.

You must maintain a minimum balance of £100 (£10 if under 18) in your account. If the balance falls below the minimum, you will have 30 days from the date we issue you with a notice to bring the balance up to the minimum. If after the notice period has lapsed the balance remains below the minimum, we may close your account without further notice.

Withdrawals of up to £500 in cash per day and larger amounts by cheque may be made from any of our branches or agencies on demand, subject to withdrawal limits. Details of our cash and cheque withdrawal limits are available here.

You can also make withdrawals via the Faster Payments service - this is free of charge for any UK payment transaction up to £100,000 (with a minimum withdrawal of £500). If we receive your instructions before 2.00pm on a working day (excluding Saturdays) we will send your payment and debit your account on the same day. Requests received after 2.00pm will be processed the following working day. Requests taken on a Saturday will also be processed the following working day.

Payment of Interest

Interest on the balance in the account will be calculated on a daily basis and can be credited to the account, or paid annually into a suitable bank/building society account or suitable Monmouthshire Building Society account following the close of business on the 31 March each year.

Interest will be paid gross - this means that interest will be paid without income tax being deducted.

The interest rate is variable.

For details of current interest rates, please see our separate Interest Rates page.

Paying Tax on Your Interest

From 6th April 2016 personal savings account interest will be paid gross, which means that interest will be paid without tax being deducted.

This will form part of your new Personal Savings Allowance:

Basic rate tax payers will not pay any tax on the first £1,000 of savings income earned.

Higher rate tax payers will not pay any tax on the first £500 of savings income earned.

Additional rate tax payers will pay tax on all savings income earned.

You will only need to pay tax on any savings income you earn above your Personal Savings Allowance. The new Personal Savings Allowance applies to the total savings income you earn from all banks/building societies and not just from Monmouthshire Building Society. Visit the HMRC website for more information.

Financial Services Compensation Scheme

We are part of the Financial Services Compensation Scheme (FSCS). Details of the scheme, and who is covered by it, are available here.

It is important that you read the 'General Terms & Conditions for Savings Accounts' and the account Specific Terms and Conditions before deciding to open an account.

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